12 Feb, 2021 → by ClaimboUser197487
Retirement transfers
2
Dear Sir: I have been along standing client at Charles Schwab Brokerage. I am in the process of consolidating my retirement funds . On 2/10 I withdrew the entire amount from my Newport Retirement Services 401K . The amount was in excess of 3.7 million dollars. I have benn unable to follow the course of the money transfer. I called Newport and they said the money was transferred today to their custodian. Their custodian was Charles Schwab . I then called Charles schwb asset transfer and money movement services both were of no help. I was then transferred to a customer service representative, who was nice but did not understand what custodian was.I would suggest for accounts over 2 million dollars . You offer the services of a transfer specialist. This has caused me to rethink my relationship with the firm.